Changing Job Post Mortgage Offer/Before Contract Exchange

helana

Potential problem....?

Currently in the latter stages of purchasing a house, mortgage offer in writing and the solicitor is about to start drawing up the contracts.

However the day after our mortgage offer (in writing), I was offered a great new job....I informed the company during the interview of my situation and to cut a long story short, they put a time limit of handing in my months notice within 3 weeks.

Now, the basic wage is the same, but the bonus much better...so in theory it isn't an adverse change in my situation. However my time limit is soon up and it looks like I wont have time to exchange and complete before i hand my notice in.

What do I do?! Do I inform my mortgage company and risk much delay/offer withdrawal? Or is this not an issue(as everyone has advised)

But I am scared that if the lender does find out I will be left high and dry...could i lose my deposit if it happens post exchange/pre completion?!

Any advice....?!

jebervic

How on earth would they know?, I would personally keep quiet.

helana

Just wondering if they would run last minute checks with my current company (they have carried out tough wage checks already with them)....

jebervic

helana wrote: »

Just wondering if they would run last minute checks with my current company (they have carried out tough wage checks already with them)....

Very very unlikely

Gazumped_2

Any news on this?

As I may potentially be in the same situation.

Richard_Webster

Your solicitor will have to tell the lender if you tell him.

wessexw

My solicitor was telling me the other day about a client whose offer was withdrawn after exchange as his lender got wind of the fact that he'd changed from permanant employment to being self employed. He hadn't told the lender, somehow they got wind of it. It did get resolved in the end but not until a few days after completion was due so he had to pay a few days penalties.

Gazumped_2

The moral of the story, is to keep the lender informed of all circumstances.

I have no intention of hiding anything though. I just wondering if anyone knows what the answer would be.

Nuttyneddy

I would have thought that lenders are well used to their customers handing in their notice to their current jobs before completion on a house sale. After all, often a house move is to another location and by its very nature will accompany a change in job.

Gazumped_2

That is a very good point, but they are also getting very twitchy about job security.

And how long you have been employed for and that you are not on probation.